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Eurobonds: Verhofstadt disagrees with Merkel


07 Dec 2010


Euro & Finance
EU Priorities 2020

"Merkel has been a bit too fast in opposing the creation of a Euro bonds market." said the Leader of the ALDE Group in the European Parliament, Guy Verhofstadt commenting on today's statements by German Chancellor, Angela Merkel.

"E-bonds will not debase competition between interest rates because the proposals suggest placing only a percentage of government debt of all Eurozone countries on the single bond market. Any other excess a Government needs to issue will be at a national "more expensive" rate leaving room for competition. It goes without saying that this formula will provide incentives for Member States to maintain discipline over their finances."

"Such a single bond market in euros would provide the European Institutions with an effective weapon for monitoring discipline and stability in the Eurozone. Indeed a country’s participation would be evaluated on a regular basis and there will be countries that will be brought into the single bond market step by step, while other countries will be pushed out bit by bit because they do not meet the conditions of the Stability and Growth Pact and are not putting their government finances in order."

"In addition, a special guarantee could be foreseen so that Germany will not pay a higher interest rate than at present." he concluded.
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